OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to launch a platform like this over the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an appropriate marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite an extensive read. If you prefer to watch a video instead, you can check out the channel’s review. They’ll guide you through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you prefer to read, let’s look over the basics before we look into its fees and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? About Nft Art Coin
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets that are listed on the marketplace are held by users, not by the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without having to risk their NFT ownership.
That means unless the transaction is complete your digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer you can utilize their website to look for NFTs you’d prefer to purchase. There are filters that can aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are eight categories in which they usually belong. Let’s examine each.
Music may be one of the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, or older technology.
For NFTs, you can gather avatars and digital pet, or other characters that can be sold or acquired. The rarer they are the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT became a reality. Today you can create digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards such as those of Sorare or BCCG.
Digital items related to sports can also be collected like animated team logos.
VR environments and components can now also be bought. You can buy these metaverses, or other items like game objects as well as the VR environment virtual objects, characters or even virtual worlds. A well-known example can be Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is post your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
You can currently select among five selling options. These are:
The seller will be the one to charge the cost that is the NFT. Just as the name suggests it is not subject to change.
For the Dutch Auction, the seller sets a price that will decrease in the course of. Sellers usually set very expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies per platform, it’s usually proportional to the cost paid by the buyer. It’s similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 percent fee competitive.
However, you have to understand that some NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or of the required 2.5 percent.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be minted as a valid, non-fungible token after your NFT bid is accepted. The price for this process will vary based on the market, but you can expect it to be about $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game developers are paid 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, or debit cards for payment or deposit. About Nft Art Coin
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if there is no prior experience or know-how in blockchain technology or programming. About Nft Art Coin
They also offer a range of digital asset, making them one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Although it’s open source and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ About Nft Art Coin
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it with your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via the contact page. Visit the official site and search for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, which means they fluctuate from time to time.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team you can contact through their contact form. Visit their official website and look for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. It’s simple and free of gas to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, which means they constantly change from time to time.